eESCORTS

Ref IELISEC/DISCI12017 Date: November 21,2017

The ManagerListing DepartmentNational Stock Exchange of India Limited5th Floor Exchange PlazaBandra Kurla Complex, Bandra EastMumbai -400051

NSE Code: EscortsBSE Code: 500495DSE Code: 00012

Dear SirSub: Up-gradation of Credit Rating by ICRA

In compliance of the Regulation 30 (6) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, we wish to inform you that Mis ICRA Ltd.(ICRA) hasupgraded the Long term rating to A+ and Short term rating to Al+ with "POSITIVE"outlook in respect of credit facilities for Rs. 1227.50 crore of the Company. A copy of ICRAletter dated November 21, 2017, released today is annexed herewith for your reference andrecord.

This is for your information & record.

Thanking you,

Yours FaithfullyFor ES ORTS LIMITED

COpy To:The ManagerListing DepartmentBSE Limited25th Floor P J TowersDalal Street FortMumbai ·400001

The ManagerListing DepartmentThe Delhi Stock exchangeAssociation LimitedDSE House, 3/1 Asaf Ali RoadNew Delhi -110002

ESCORTS LIMITEDCorporate Sel;refgrigl & LQW

Re9i5tered Office :15/5, Mathura Road, Faridabad -121003, Haryana,lndiaPhone: +9'-'29-22S(,)11'l.~Qy.: +Q'-'2Q-2250060

E-mail: corpsl@escort5.co.in, Website: www.escortsgroup.com

Corporate Identification Number - L74899HR1944PLC039088

ICRA ICRA Limited

Ref: D/R/\T!20 17-18/E-8/3

November 21, 2017

Ms . Jyoti KhatukaCorporate TreasuryEscorts LimitedCorporate Centre, 15/5, Mathura RoadFaridabad - J 21 003

Dear Ma'am,

Re: ICRA-assigned Credit Rating for Rs. 1127.5 Crore Line of Credit of Escorts Limitedas per Annexure I

Pleitsc 1'9f~i'the Rating Agl'¢emcnt .tirtted. FebrUllIY 23, 2017 between ICRA Limited ("lClRA)and Y0[1I' Cbhipat1)',\vhereby, ICRA is i"i:Hllliyed:tg. review the ratings assigned to your comwanybn~i) 4l1nual.hasis ;(jlFl:1SUlld when the eh'CUiYtstances so warrant.

Please note that the Rating Committee of ICRA,. aft¢rdue considernliol1, hH.SUPi:tradeclX!1e fl;Jl'l:g~

term rating assigned to the captioned LOCfIm)!1 IlC.RA}A(ptOJlDllllCtl'd as l~I<AA.!) to[ICRA]A+ (pronounced as ICRA A plus)'. The Outloo~ on the long",rcnn·!'ating rem"ains"Positive". The short term rating assigned to the g~bt progh,U111'hCS (jfthe company htlve: ('leonupgraded from [ICRAIAt (pronounced ICRA A one) (0 IICnAIAi+ (pI'OllOunc:cd lCRAAone plus).

The aforesaid ratings will be due for surveillance anytime before March 3 1,2018.

This rating is speci fie to the terms and conditions of the LOC as was indicated to LIS by you and anychange ill the terms or size or the same would require the rating to be reviewed by us. If there is anychange in the terms and conditions or size of the LOC rated, as above, the same mLJS!be brought to ournotice before the utilisation of the same. If there is any such change after the rating is assigned by us andconfirmed lor use by you, it would be subject to our review and may result in change in the ratingassigned. Notwithstanding the foregoing, any change in the over-all limit of tile LOC from that specifiedin the first paragraph of this letter would constitute an enhancement that would not be covered by orunder the said Rating Agreement.

t For complete rating definition please refer to lCRA \Vebsite www.icra.in or any of the ICRA Rating Publications

Tel. : +91.124.4545300 Website : www.icra.inBuilding No. ~, Z" Floor. Tower A CIN . L74999DLi991 PLC042749 Email: info@igraindia.comDLF Cyber City. Phase II . Helpdesk: +91.12;4.3341580Gurugram -122002. Haryana . .Registered Office: 1105, Kailash Building, 111~Floor. 28 Kasturba Gandhi Marg. New Deihl -110001. Tel. . +91.11.23357940-45

RATJNG ># RESEARCH • INFORMATION

ICRA

lCRA reserves the right to review and/or, revise the above rating at any time on the basis of newinformation or unavailability of information or such other circumstances, which ICRA believes, mayhave an impact on the rating assigned to you.

You are requested to furnish a monthly 'No Default Statement (NDS)' (as per enclosed format) on thefirst working day of every month, confirming timely payment of all obligations on the above rated debtprogram [interest and principal obligations for fund based as well as obligations under LOC/BG for non-fund based facility]. This is in accordance with requirements prescribed in circular dated June 30, 2017on 'Monitoring am! Review of Ratings by Credit Rating Ageflcies(CRA.\j' issued by the Securities andExchange Board of India.

You are also requested to forthwith inform us about any default or delay in repayment of interest orprincipal amount of tile Programme rated, as above, or any other debt instruments / borrowings. Furtheryou are requested to forthwith inform LIS of any other developments which may have a direct or indirectimpact on the debt servicing capability of the company including any proposal for re-schedulement orpostponement of the repayment programmes of the dues! debts of the company with any lender(s) /j nvcstor/ s).

We thank you for your kind cooperation extended during the course of tile rating exercise. Please let usknow if you need any clarification.

We look forward to further strengthening our existing relationship and assure you of our best services.

With kind regards,

With kind regards,

Yours sincerely,for !eRA Limited

~ ()-~a.0)<~ ~~

Sabyasachi Majumdar(Senior Vice President)sabyasach i_@i\:.mLIJQift,com

ICRA leRA Limited

Ref: D/RA T/20 j 7-18/£-8/4

Date: November 21, 2017

Ms. Jyoti KhatukaCorporate TreasuryEscorts LimitedCorporate Centre, 15/5, Mathura RoadFaridabad - 121003

Dear Ma'am,

Re: ICRA Rating for Rs. 100.0 Crore Commercial Paper/ Short Term Debt Programme ofEscorts Limited

Please refer the Rating Agreement dated February 23, 2017 between IeRA Limited ("ICRA) andyour company, whereby, ICRA is required to review the ratings assigned to your company on anannual basis or as and when the circumstances so warrant.

Please note that the Rating Committee of ICRA after due consideration of the latestdevelopments in your company, has upgraded the rating assigned to the captioned CPprogramme from [ICRA]Al (pronounced ICRA A one) to [ICRA)Al+ (pronounced ICRA Aone plus)']. Instruments with "[JCRA)A 1" rating are considered to have very strong degree ofsafety regarding timely payment of financial obligations. Such instruments carry lowest creditrisk. Within this category rating modifier {"+" (plus)} can be used with the rating symbols. The modifierreflects the comparative standing within the category.

In any of your publicity material or other document wherever you are using the above rating, itshould be stated as "[ICRA)Al+".

Additionally, we wish to highlight the following with respect to the rating:

(a) The rating or the aforementioned instrument is based on the condition that total short-termborrowings (including commercial paper, short-term debt and bank borrowings) of the companyat any given point of time should not exceed the company's drawing power or the banksanctioned fund-based limits (whichever' is lower).

(b) If the instrument rated, as above, is not issued by you within a period of 3 months from thedate of this letter, the rating would need to be revalidated before issuance;

j" For complete rating definition please refer tolCRA Website www.icra.in or any of the lCRA Rating Publicationsni,;·· ... .... . - , - - . - -- .----....

Building No. S, 2"" Floor, Tower A Tel. ; +91.124.4545300 WebSite :www.icra.inDLF CyberCity, Phase II CIN: L74999Dl1991 PLC042749 Email: info@icraindia.comGurugram-122002, Haryana Helpdesk: +91.124.3341580Registered Office: 1105. Kailash Building, t t" Floor, 26 Kasturba Gandhi Marg, New Delhi -110001. Tel. : +91.11.23357940-45

RATING" RESEARCH • INfORMATION

t:

ICRA

(c) Subject to Clause (d) below, our rating is val iel from the date of th is letter li II March 3 L 2.018("Validity Period"). The rating will generally be due for review at the end of the Validity Period.The maturity date ofthe Commercial Pnpcr/STD shall not be after the end of tile Validity Period.The Commercial Paper/S'TD wi II have a max irnurn maturity of twelve months.

(d) leRA reserves the right to review and/or. revise the above rating at any time on the basis ofnew information or unavailability of information or such circumstances, which ICRA believes,may have an impact on the aforesaid rating assigned to you.

The rating, HS aforesaid, however, should not be treated as a recommendation to buy, sell or holdthe Commercial Paper! STD issued by you, The rating is restricted to your Commercial Paperprogramme/ STO size of Rs. 100.0 crore only. In case, you propose to enhance the size or theCommercial Paper! STD programme, the same would require to be rated afresh. ICRA does notassume any responsibility on its part, for any liability, that may arise consequent to your notcomplying with any eligibility criteria, applicable from time to time, for issuance of CommercialPaper! STD.

You are requested to furnish a monthly 'No Default Statement (NDSj' (in the format enclosed)on the first working day of every month, can firming the timel iness of payment of all obi igationsagainst the rated debt programme. This is in line with requirements as prescribed in Circulardated June 30, 2017 011 'Monitoring and Review of Ratings by Credit Rating Ageneies/Ck As)'issued by the Securities and Exchange Board of India ..

You are also requested to forthwith inform us about any default or delay in repayment of interestor principal amount of the instrument rated, as above, or any other debt instruments/ borrowingand keep us informed of any other developments which may have a direct or indirect impact onthe debt servicing capability of the company including any proposal for re-schedulement orpostponement of the repayment programmes of the dues/ debts of the company with anylenderts) I investor(s). Further, you are requested to inform us immediately as and when theborrowing Iirnit for the instrument rated, as above, or as prescribed by the regulatoryauthorityues) is exceeded.

We thank you for your kind cooperation extended during the course of the rating exercise.Should you require any clarification, please do not hesitate to get ill touch with LIS. We lookforward to your communication and assure you or our best services.

With kind regards.Yours sincerely,for ICRA Limited

~J~~~"'.Sabynsachl Ma.i1hltdilJ'(Senior Vice President)sabvasach i((Z:icra ind ia.com.... ~~.

R01Jti) Kanwar GuptaC>

(Assistant Vice President)ro han .ka nwal:@l c r~!.iI.~.~E~).:s9.m